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New Haven Company Raises $18 Million for Next Generation Computer Tech

NEW HAVEN: Two seasoned Venture investors have led an $18 million Series A investment into New Haven Quantum Circuits Inc [QCI] The new funds came from Canaan and Sequoia, and Tribeca Venture Partners,Osage University Partners, and previous investor Fitz Gate Ventures. Quantum expects to build and sell the “first practical and useful quantum computers.”

QCI was founded by Yale based computer scientists Michel Devoret,Luigi Frunzio and Robert Schoelkopf.

Brendan Dickinson of Canaan and Bill Coughran of Sequoia are joining the company's board.

According to the company the Yale team has “pioneered the field of quantum computing with superconducting circuits, introducing the transmon qubit and techniques for distributing quantum information on wires, and performing the first quantum algorithms and quantum error correction in integrated circuits.”

The company released a statement by Isaac Chuang, Professor of Electrical Engineering and Computer Science, and Professor Physics and a member of the company’s advisory board saying, "no team has done more to pioneer the superconducting approach to qubits than the QCI founders and their collaborators at Yale, who are responsible for the key breakthroughs bringing solid-state quantum computing to feasibility, over the past decade."

“Quantum computing is a new paradigm, with new rules that allow us to process information in a completely new way,” said Rob Schoelkopf, Sterling Professor of Applied Physics and Physics, who will take a leave to formally assume the role of CEO of QCI in January 2018. “We are at a tipping point in quantum technology where we understand how to build machines to tackle problems that are otherwise uncomputable.”

"Quantum computing is a whole new kind of high-performance computation – and with it we'll see a new wave of innovation just as we did with the first computer," said Brendan Dickinson, Partner at Canaan.

"Quantum Circuits is a case study on the advantages of Yale's long-term approach to supporting the work of our research faculty," said Jon Soderstrom, Managing Director of Yale's Office of Cooperative Research.